The Executive Leadership Council (ELC) announced the winners of the 2003 ELC Business Case Competition, "Fannie Mae and the Minority Home Ownership Challenge," which was held at Goldman Sachs today. During the competition, predominantly African-American MBA student teams presented their analysis of innovative solutions for Fannie Mae and its lender partners to increase minority homeownership.

Finalist teams from Yale School of Management, Wharton School of Business at the University of Pennsylvania, and Goizueta Business School at Emory University presented their proposals to a panel of distinguished judges: Goldman Sachs President and Co-COO John Thain, ELC President Carl Brooks, Goldman Sachs Managing Directors Edith Cooper and Sergio Sotolongo, Booz, Allen & Hamilton Senior Partner Gerald Adolph, and Willis Global Risk Solutions Executive Vice President Kim Green.

"Fannie Mae supports the ELC's ongoing efforts to train the next generation of corporate leaders by giving business students a glimpse of real world issues and the opportunity to analyze and debate their perspectives with executives," said Franklin D. Raines, Chairman and CEO of Fannie Mae.

"Our diversity goal at Fannie Mae is to 'Look Like America' at all levels of the corporation. To achieve this, we develop -- and continually capitalize -- on the skills, talents, and potential of all our employees, including minorities and women. As a result, we are better able to help our lenders understand markets, develop products, and interact with an increasingly diverse public sector," Raines added.

ELC and Goldman Sachs joined together for the second year to host this event to foster the next generation of African-American corporate executives.The program offers students an educational opportunity to explore solutions for real-life business issues and present their recommendations to a panel of experienced professionals in a serious, competitive environment.

"The Business Case Competition is one of ELC's many programs designed to educate young people about today's business challenges and to recognize their ability to develop creative solutions. We are delighted by our partnership with Goldman Sachs and the high caliber of student entrants the competition continues to attract," said Carl Brooks ELC President.

"Goldman Sachs is proud to sponsor this competition for the second year as a means of fostering future African-American business leaders while supporting the ELC's mission to promote and implement entrepreneurial and educational opportunities for African-American executives," -- John A. Thain, President and Co-COO of Goldman Sachs.

Founded in 1986, the Executive Leadership Council (ELC) is an organization of more than 300 senior-level African-American corporate executives. The organization provides members with a network and leadership forum that adds perspective and direction to achieving excellence in business, economic and public policies for the African-American community, corporate America, and the community at large. For more information about the ELC, visit the Council's Web site at www.elcinfo.com

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers